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Pullback Considered Corrective

GOLD TECHS
  • RES 4: $2000.0 - Psychological round number
  • RES 3: $1998.4 - High Apr 18, 2022
  • RES 2: $1982.0 - High Apr 19, 2022
  • RES 1: $1963.0 - 76.4% retracement of the Mar - Sep 2022 bear leg
  • PRICE: $1917.4 @ 07:17 GMT Feb 3
  • SUP 1: $1907.4/1900.9 - 20-day EMA / Low Jan 31
  • SUP 2: $1867.2 - Low Jan 11
  • SUP 3: $1852.6 - 50-day EMA
  • SUP 4: $1825.2 - Low Jan 5 and key near-term support

Trend conditions in Gold are bullish and Thursday’s move lower is considered corrective. This week’s print above 1949.20, the Jan 26 high, confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $1963.0, a Fibonacci retracement. Initial firm support to watch lies at $1907.40, the 20-day EMA and $1900.9, the Jan 31 low. A break of this zone would signal a short-term reversal.

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